If I’m a month and a half behind on my mortgage with my owner financed home but still making payments, can I be foreclosed on?

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If I’m a month and a half behind on my mortgage with my owner financed home but still making payments, can I be foreclosed on?

Due to several needed repairs on the house my wife and I fell behind on our mortgage payments by about a month and a half. We are making every effort to get caught back up but have yet to do so. The mother of the man who is financing our house (owner financing) said if we didn’t bring our payments current before the first of next month that they would be foreclosing on us. Can they do that and do we have any rights in this matter?

Asked on September 27, 2011 under Real Estate Law, Florida

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

Unfortunately, if you are behind in your mortgage payments on the home you are purchasing on a seller carry back where the seller holds the first mortgage (trust deed) on the property, he or she can foreclose upon the security due to the arrearages owed on the monthly payments on the promissory note.

The best thing for you to do is try and enter into a written agreement to come current on the past due balance signed by you and the lender where the lender agrees to hold off foreclosing upon your property. If the lender refuses to sign the agreement giving you more time to pay back what is owed on the mortgage, you might need to get a short term loan from a third person to cure what is owed so you do not have to worry about any future threats of foreclosure.

Good luck.


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